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to disincentivize the economy and being too restrictive and cut off growth. it would be easy if there was a right and wrong. everything is right here so it is a matter of judgment, what proportion you come back in these things. but i think both sides have to be touched in this, entitlements have to be touched and revenue has to be touched. >> that's the message lloyd blankfein is delivering right now to members of congress on the hill and what he'll say to the president later on today. >>> as eamon mentioned, the president will not only meet with mr. blankfein but a number of other ceos at the white house later today to sell that fiscal cliff plan to them. president earlier today out speaking about it. our chief washington correspondent john harwood is live at the white house with some details on that. hi, john. >> reporter: hi, sue. i echo eamon. i think wall street ought to pay a little bit less attention to the statements that are coming out every day because we've got a long way to go on this roller coaster ride. we've got a live picture of jay carney briefing at the white house right now. th
to you saying, look, congress might not blow up the economy for no good reason. or if i do have to say it, i shouldn't sound excited about it. that should be a given. but in recent years, it has not been a given. and the reason it hasn't been is in some ways traceable to this guy. you know that guy. that is grover norquist. if you go by his name or his picture, he may not seem imposing. but in the republican party, he's a guy that breaks your knees if you vote for higher taxes. all republicans pretty much sign it and they are very, very, very loathed to break it. and that's made it impossible to reach a deficit reduction deal, until now. "the new york times" has an article in which republican after republican after republican goes on the record by name dismissing his pledge and his power. peter king says a pledge is good at the time you sign it. in 1941 i would have voted to declare war on japan. but each congress is a new congress and you can't have a rule that you're never going to raise or lower taxes. i don't want to rule anything out. senator of georgia said, i'm frankly not concerne
return to a normal economy that returns about 18.5%, that would increase revenue an additional over $400 billion per year, that's $750 billion of revenue per year through economic growth. and the president, his proposal would raise 1/10 of that but would put at risk the economic growth and that $750 billion. so -- >> sir, with all due respect, though -- >> counterproductive. >> that's an answer to the question. there's nothing you see over the next 35 days that would have you break that pledge with grover norquist? >> no, because raising taxes harms the economic growth. you get ten times the revenue by economic growth rather than punishing success. and, again, all of us are saying president obama, show us your plan for restraining the size of government, that's the main problem. again, his revenue proposal would raise $68 billion when we have over $1 trillion worth of deficit. where's the other $1 trillion in his balance plan? mr. president, show us your plan. >> sir, one thing, mitch mcconnell has said that revenue is on the table as long as entitlements would be on the table. conductin
>>> tonight, battleground america. the looming fiscal cliff and the fight to save the economy. in his first interview since the big romney loss, i will ask reince priebus if his party is out of touch with the country. plus his plans to fix the gop. >>> plus president obama's tax push. he wants the rich to pay up but is it fair? >>> and one of the most influential spiritual leaders in the world, america's pastor, rick warren. he was there at barack obama's first inauguration. will he be there again? we're talking politics, same sex marriage and the "two and a half men" star whose christian conversion has him attacking his own show. this is "piers morgan tonight." >>> good evening. our big story tonight, countdown to financial doomsday, the fiscal cliff and the clock is ticking. 35 days left before this massive sweeping tax hike. america's now at the mercy of washington, hoping that both sides can end the fighting and make a deal. anti-tax champion grover norquist last night told me he's keeping republicans to the no tax increase pledge they made decades ago. but should his part
of all, interest rates are low because we have had a weak economy. as far as the debt goes, listen to dean, i'm sure that he believes that the only real problem phafacing the country a the capitol gains. i think we do have a debt problem i think we have a big debt problem. the numbers in the 20s, 30s, look horrifying and we have a huge job and growth problem. i don't understand how taking dividends from 15-43 creates jobs that closes that. >> i don't see spending cuts. it won't matter. the economy collapsed and the housing bubble collapsed. make them pay zero taxes. the search goes inside out. none of it finds that it will create any of those jobs. the government has no choice. >> that is quite an experiment. that you are willing to run with 1 or 2%. from 15 to 25. we are going to taking it from 15 to 30. >> we have been there. >> you are taking the rate on capital which we have the world's highest rate on capital. and you are poi inggoing to mak higher? i would love to see spending reductions. the house and the senate rotes for $1.2 trillion spending cut. that spending cut would b
't heard before. could christmas actually be bad for the economy? d? on black friday, it doesn't matter, as long as we end up here at 5 a.m., or at homedepot.com, starting thursday. where prices have been cut, chopped, and sanded... on the most powerful tools that cut. ...chop... ...and sand. so we, or somebody on our list, can do the same. more saving. more doing. that's the power of the home depot. the early bird gets a special buy on a ryobi two-piece lithium-ion kit, just $99. >>> it's being called the thanksgiving creep. a record number of stores are getting a jump-start on the holiday shopping season by opening their doors tonight. nbc's kevin tibbles is live in chicago for us. he's getting ready to shop till he drops, always ready to do the deed for work. so, what you got there? how bad is it going to be out there today? >> alex, if you think i'm going to be in a mall today, you've got me confused with the other 83 million kevin tibbless who aren't in the phone book. but it is thanksgiving. happy thanksgiving to everyone. for those of you who do have that sort of deal bug, well,
to the financial system. >> steve, if only the market could focus on just the economy, which actually seems to be chugging along okay. if you look at durables, consumer confidence, the ongoing recovery and housing, it's the overhang of the cliff that's spooking everybody. >> yeah, we've had somewhat better numbers. the new home sales today, not great. maybe sandy affected even though the government said it wasn't. the economy's okay. it may be more of a 2% plus economy in the fourth quarter than is being given credit on the street. it's not gang busters. the question has been for a long time -- by the way, there's some headlines from the beige book. you can see it really did affect the northeast, new york, and new jersey especially. so we'll see some of that in the data in the months ahead. we'll be seeing some rebuilding going on. you know, i would not make a call here on the economy, scott, to say go ahead and invest in the economy. after the fiscal cliff everything is fine. i think there's a reason for cautious optimism, but i don't think there's a reason to think it's going to go gang b
economy and how do we get us back to that and, two, how do you solve a problem? >> second big development. a growing number of liberal democrats say they're willing to risk going off the cliff to make sure raising taxes on the wealthy is part of the deal. politico is calling them cliff jumpers. l good morning to both of you. >> good morning. >> let me play a couple of clips to start out about the pledge. >> i will violate the pledge, long story short, for the good of the country only if democrats will do entitlement reform. >> a pledge you sign 20 years ago, 18 years ago, is for that congress. if i were in congress in 1841 i would have supported declaration of war against japan. i won't attack japan today. the world changed and the economic situation is different. >> i am not oblg gate on the pledge. i was just elected. the only thing i am honoring is the oath that i take when i serve when i am sworn in in january. >> chambliss already made a similar statement last week. the question is is this a real softening of positions? does it give them room to make deal. >> two things.
the entire economy because we're not confident that our guys can govern anymore. people like me just aren't hiring because we're not confident they can do it. >> well, the white house echoed that concern this morning. a new report says failing to act on the president's plan for middle class americans would freeze the economic recovery. obama's plan includes lower taxes on the first $250,000 earned by every american and tweaking the alternative minimum tax. the white house report estimates that consumer spending would fall by $200 million. now that's more than three times what consumers spent just over this entire holiday weekend. there could be a drag on a range of industries from cars and housing to restaurants and supermarkets, if congress can't reach a deal. and look, pocketbook issues are not the only problem here. carl levin, the democratic senator and chair of the armed services committee said automatic cuts to government spending could impact public safety. >> i think you should be worried if you have a defense job and we all ought to be worried whether we are dependent upon other
business, like the economy is doing well. he has known boehner for years and believes the speaker wants to make a deal with president obama to avoid the fiscal cliff and impact on families but also seen washington's disfunction and has his doubts. >> somewhat just like the president, time to go ahead and do your job. >> reporter: speaker boehner is secure enough in his own district here north of cincinnati i-75 that his constituents will give him a freehand to negotiate. his bigger challenge is pulling together republicans from districts across the country behind any deal he ultimately strikes with president obama. the next four weeks that is the challenge john boehner, eric canter, and candidates on the house and senate are going to find. how do you put together a deal that not only the leaders agree upon but members of the caucuses can give majority to us in both houses? >> indeed, john, thank you very much. >>> meantime, some important economic data came out today and if you were looking at it expecting to see signs of worry about that looming fiscal cliff, you might be surprised. st
and certainly the largest threat to the u.s. economy. >> meredith whitney was talking back in 2010 about a then- looming financial crisis involving state and local governments across the country. it was a debt crisis which some people believe could derail the recovery and require another big bailout package that no one in washington wants to talk about. >> the day of reckoning has arrived. that's it. and it's gonna arrive everywhere. time may vary a little bit depending upon which state you're in, but it's coming. [ticking] >> welcome to 60 minutes on cnbc. i'm steve kroft. in this edition, we look at three stories linked by the financial collapse of 2008. first, we examine a scam that's cost thousands of americans their homes. then we look into wall street's shadow market of credit default swaps. finally, a report on the perilous state of state finances. we begin with the foreclosure crisis. in the aftermath of the great recession, the huge number of foreclosed properties was a significant factor in weighing down the economy. many were stuck on the market for an unexpected reason: the banks co
to cripple the syrian economy. eight round-trip flights between moscow and damascus delivering more than 200 tons of, quote, bank notes into syria. u.s. and european sanctions include a ban on syrian currency in an attempt to slow the violence that's killed thousands of people. syria and russian officials have so far not responded to the reports. >>> overseas tens of thousands are rallying today in cairo's tahrir square protesting what they view as a blatant power grab by president mohamed horsey. with tensions mounting yesterday, morsi appeared to soften his controversial attempt to award himself near absolute power above the reach of the law. in a vaguely worded statement, morsi spokesman backtracked slightly saying that only acts of sovereignty would be immune from oversight. >>> well, u.s. consumers went big this weekend for small business saturday. millions of holiday shoppers spent a total of $5.5 billion during the third annual local business shopping event. mika spent half of that in the south of france. and that's not even counted in that tally. for more on the holiday shopping seas
? >> if you look at what might happened, in other words, we go from an environment where the economy is chugging along, uninspiring but growing 2%, to go over the fiscal cliff which means for that period when we're over the fiscal cliff, contracting, that suggests that multiples come down probably as much as 10%. in addition you're likely to see drop in earnings estimates as well. some real risk if we go over the cliff. >> a lot. >> michael, you're not as concerned about the impact of the fiscal cliff on the markets. why? >> first of all, i don't think we'll go over the cliff. i think it's a lower probability we will not rather than we will. here's where i think you need to position a portfolio strategy. i don't think the market is priced in if we go over the cliff. what you need to do is be in risk assets, if this makes sense, more defense risk assets. dividend payers, technology, even overseas, emerging markets. china looks like it's finally starting to recover because the bottom line is, even if we don't go over the fiscal cliff, we'll still have a very, very slow growth environme
. if the economy grew at 4% instead of 2% a year for one decade. the federal government would net $5 trillion. that would pay down all of the debt that obama's accumulated in the first four years. if we had grown at reagan rates of growth instead of obama rates of growth, 11 million americans would be at work today who are out of work. that's how you do it with the most regulations. >> what if we carried along the bush rate of growth of the eight years before bk? >> well, there were three periods of growth or low growth during the bush years. he enlded president bush handing president obama the greatest financial hospital past of most people's living memory. the idea that show the republican economic policies have been this wonder yus success story going back the last three decades is poppycock. >> taxes are not the only policy. when he cut marginal tax rates on gains and dividends from 2002, there was four years of strong economic growth from '03 to '07. what you had was fannie mae and freddie mac making loans they shouldn't have. the federal government mandated loans be made that ought not
, and they're not interested in raising taxes, they think it is a bad idea for the economy. the only way to have a stimulus to the private sector is to leave more money in the private sector. the other thing that folks in kentucky don't understand is that why is it a fiscal cliff to cut spending? most people in our state think we're spending too much money up here and we should cut spending. in fact, the majority of congress voted for this sequester. why was it a good idea a year ago and now it is not a good idea. >> on spending and spending cuts, you may have something in common with the president, which i want to get to. you mentioned the people in your great state of kentucky and, look, we know and we're all hoping they're out and about shopping, it is holiday season, and in terms of the timing with this -- with this deal, you know, hopefully getting done before january 1, a lot of people want to avoid the tax increase that will automatically happen as people are paying those holiday bills, right? >> here's my question. if it is bad to raise taxes on everyone, why is it good to raise
interest deduction may be on the chopping block if the economy falls off the fiscal cliff. what does it mean for you and your nation's nascent housing recovery? rodney anderson is the director of supreme lending. welcome, sir. >> good afternoon, lori, rodney, the mortgage interest deduction, on? mous with terms like sacred cow and untouchable but that is changing. >> absolutely. we know several years ago they would have to address the mortgage interest deduction. what we need to remember here is the housing market is already in a troubled stage. ben bernanke last week saying mortgage lending guidelines are overly tight. so we're in an area right now that we know we need to get rid of the deduction but how do we do it? we have to do it structured. lori: let me come in here with this point. are you saying if we get rid of this deduction it could thwart, to your point a very vulnerable recovery? today we got the mortgage apps down 23 years from the prior weeks. new home sales were down when they were expected to rise? >> yeah, it could absolutely hurt the, short term it could hurt it. l
.s. treasury department is now stopping short of labeling the world's second biggest economy a currency manipulator. the white house is expected now to send the congress a multi-billion-dollar request on the recovery from superstorm sandy. the storm caused an estimated $71 billion in damages in new york and new jersey, and some congressional aides saying the request for funding would likely be at least $11 billion. the move comes as canada gets close to its decision on whether to approve the transaction. the energy companies say discussions with the committee are still in progress, and of course they had to file approval because they have extensive operations in the u.s. gulf of mexico. >>> "the wall street journal" reporting that virtue is emerging as the frontrunner to buy knight capital. they would possibly sell off parts of that business. finally, we can't get away from the story of twinkies. the bakers union of hostess brands wants a bankruptcy judge to appoint a chapter 11 trustee to ensure an orderly winddown. the union is saying it objects the allowing incumbent management to su
of the pattern for the s&p 500. lower than less than three points. >> so with all the good news on the economy out today, still no rally for stocks. is it really still all about the fiscal cliff for investors right now? let's talk about that in our clo"closing bell" exchange. steve liesman will have breaking news momentarily. steve, do you have that? >> yes, i do. what we have is a report from the new york fed on consumer finance. what the news shows is that overall, consumer credit outside of real estate is up just a bit. most of that, by the way, is student loan debt, being up about $42 billion inside that $2.7 trillion number. overall, mortgage debt is down and overall debt is down. the basic gist of the details, bill, is that consumer credit continues to decline overall. delinquencies are down and bankruptcies are down. balance sheet repair continues. a little bit more willingness of the consumer to take on some debt and a lot of it -- >> that's very interesting, steve. let me ask you something, david. >> i want to make one more point, which is that when you talk about how much the dow is
yet, with whispers of possibly the fed stimulating the economy even further, and with economic data pouring in almost daily that suggests we're still sputtering along? >> well, i tend to think 2013s going to be a great year. i'm not just looking at housing and employment. i'm looking at the architectural building index. there's stuff in the draw room. they're ready to bid out this winter and break ground in the spring. the republicans know that. the democrats know that. i would agree with rick. right now it's hard to imagine they can come up with something. we know they can. we know the democrats can say, okay, we'll give you something on means testing entitlements and we'll move the social security age up. republicans will say, we'll get rid of second mortgage deductions. they can do it. i don't think they really want to do it yet. so we just sit here sort of up 100, down 100. you know, just stand on the sidelines and wait until they figure it out. >> ryan, how are you allocating capital as we watch these gyrations on a daily basis because of comments out of capitol hill? >> the bo
40. >> if you're trying to forecast the economy, what matters is what america actually decides, not what it should decide. what it's actually going to decide is a small bargain that gets us through 2013 and doesn't fix the problem. that's the reality that we're going to face. >> so your gdp under that scenario for 2013, 2014, 2015 -- >> yeah, for 2012, we'll have about two quarters of 1.5%. i think we'll get some resolution by mid year so we'll grow 2.5%, maybe 3%. >> mid year. >> yeah. and then in 2013, i think you can grow 3%, maybe more as long as you have -- >> if you just let it ride? >> that's my forecast. we're not going to fix these fundamental problems except over a ten year period with 10 or 15 pieces of legislation. >> medicare alone is 42 trillion unfunded. social security 20.5 trillion. and then you add the 16 that we know about to that. none of these are in black and white those first two that i mentioned. you add it all together, 86.8. >> a lot depends on what happens to medical care. i mean, one thing that could change these estimates tremendously, find a cure f
disaster not only for our country, but the worldwide economy. >> so defaulting on the credit is unacceptable to you? >> i don't think -- i don't think it's a question that's even on the table. >> failing to raise the debt ceiling is not even on the table. that's what john boehner said last january. and yet just a few months later, with that voting record and with that stated understanding of how bad it would be for this country to not raise the debt ceiling, there was john boehner, leader of the congressional republicans, threatening to not raise the debt ceiling. e threatening default after decades of voting to raise the debt ceiling, no questions asked under president bush, under president obama the republicans decided they were not going to do it anymore. right around this time last year, republicans threatened to let the country go into default unless president obama met their demands. they explicitly recognized it would cause harm, but they were happy to do that. they were willing to incur that it harm. to inflict that harm on the country in order to get other stuff that
cure the economy. the senior editor of "the atlantic" joins us live in the next half hour. he has an interesting perspective. >>> ambassador susan rice heads to capitol hill this morning to mend fences with three republican senators. john mccain, lindsey graham and kelly a at with her information comments made on several networks that played down the role of terrorists in the attack on the u.s. consulate in benghazi, libya, that killed four americans including ambassador chris stevens. rice maintains she made it clear the intelligence information she had at the time was preliminary. senators have threatened to block her nomination if president obama chooses her to be his next secretary of state. >>> and the obama administration responds to the benghazi attack does not get high marks from americans. the results of a new poll out this morning shows a majority of those questioned, 54%, say they are dissatisfied with the administration's handling of the attack. >>> and the body of yasser arafat was exhumed this morning from a mausoleum in the west bank. a team of international scienti
. we're always looking at geopolitical risks. it does play a part in the global economy. with slow global growth domestically and overseas, the last thing we need is another geopolitical crisis. >> fiscal cliff taking a backseat today. how are you allocating capital today? >> we're very cautious now, frankly. we have about a two-week window. i think the markets are being a bit accommodating, frankly, until we get more clarity. >> rick santelli, did you see any movement in the markets when they announced the cease fire? it had very specific impacts here and there, but wasn't a widespread thing, was it? >> no, it really wasn't. as a i talk, you can look at ten-year for every major developed economy. the u.s., the germans, the french, the u.k., the japanese. month to date, the patterns are almost all die dent call. with all these variables, elections, mideast, fiscal cliff, it seems as though there's only so much flight to safety bid you can push into the marketplace. some traders say that's why you didn't notice. in the old days, it would make a difference. yields are already most ac
consumer giving the economy a big lift or will fears about the fiscal cliff get in the way? a roundtable discussion is up next. you saw sears and kmart president kick off the open at the nasdaq. can his store ring up strong sales this holiday season? we'll head to break and look at this morning's early movers on wall street led by best buy up 1.6%. with the fidelity stock screener, you can try strategies from independent experts and see what criteria they use. such as a 5% yield on dividend-paying stocks. then you can customize the strategies and narrow down to exactly those stocks you want to follow. i'm mark allen of fidelity investments. the expert strategies feature is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. if we want to improve our schools... ... what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so
? >> it's a very bifurcated economy today with the consumer. you have high end consumers that are still feeling pretty good but in very basic every day needs like food as well as basic services, et cetera, people no matter what economic strata they're in, they are trying to save on those basics. >> explains a lot about where we are. >> took my breath away. what he's saying is there's a huge percentage of people trying to pay for dinner and dinner is tough to come by and you forget about that on a fiscal cliff discussion that will be even more difficult for people to pay for dinner and he did this acquisition because he knows people are hurting in this country. >> there's the opening bell. s&p at the top of your screen. here's big board at that. prosperity bank shares marking transfer from the nasdaq and over at the nasdaq. >> you're talking about dinner. we are having discussion about whole foods under pressure of late. the company missed. the cfo resigned. never a good thing for a company when you hear a cfo resigning. stock down 18.25%. smaller cap company. it's 2.9 billion. decent ac
have something really worked out because look at what the economy -- look at where consumer sentiment is over the last couple months. i don't think they can really, you know, run the risk of that falling back. we made so much improvement over the last couple months. at least macroeconomicly, they can't run the risk of this thing going over. >> what does it mean for the stock market and how many different things are affecting it right now? i figure not knowing where tax policy is next year, some people know it will be hire, so they're probably just going to sell into december 31st. and then you've got continuing problems in europe, as well, morgan stanley has a report out about possible recession in 2013. what are the factors that influence the market at 13,000 and do you think it's a good time to ad money or take money out? >> short term, i think the feeling is that things are going to work out. so we'll be in this range here of in the s&ps 1390, 1420. i think if we break 1390, we get down to that next 1360 level will, again, there is so much money on the sidelines waiting to do somet
as the eu and imf agree on terms of debt sustainability. where does it leave the greek economy which has already shrunk by nearly a fifth? >>> and warren buffett on tv this morning saying he wouldn't sell a single share of stock even if he was guaranteed the u.s. goes off the fiscal cliff. just wait until you hear who he thinks should be the treasury secretary. >> we'll begin of course with the deal of the day. conagra foods has agreed to acquire ralcorp for $5 billion. $90 a share in cash. 28% premium to the closing price on monday. kayla tausche reported on potential for a deal between the two companies back in 2011. it creates the largest private label food company in north america. this is a big deal. >> yes, it is. it's big in size in terms of what we've seen in this market. look how excited he is. and they finally got it done. it's been one as you pointed out that was around in 2011. they couldn't get it done. that is conagra. they walked away. ralcorp stock price fell dramatically. they split the post cereal division from ralcorp. the two trade separately. so you did have a compan
of republicans in congress. >> now, dana, when you look at the data out today, it shows the economy heading in the right direction. consumer confidence at a four-year high. home prices increased for six straight months. then when you hear some of the small business owners who met with the president today, they were very vocal in their support of what he's doing. let me show some of what was said after the meeting by some of the small business owners. >> i was very encouraged by the meeting. i felt the president, you know, he really delivered a message of confidence. >> i'm real enthusiastic about president obama and what he's done. >> saying that tax breaks for the rich drive consumers lower down to spend is like saying you can jumpstart -- you can start your car by pouring gasoline on the hood. >> now, soon behind those speakers they'll be negotiating in the west wing. does this work? will this help the president at the negotiating table with the opposition, the republican leadership? >> the opposition responds only to strengths. so to the extent it boosts his numbers for his policy in the
to the economy. that's what he did in the primary and that's what he said he was going to do from the beginning. he just executed a plan that didn't work. the very people criticizing him were the people supporting him saying he was going to win. >> we just talked to senator john cornyn, he said he's pessimistic that they will get a deal. >> my view, we all agree that we're not going to raise taxes on people that make less than $250,000, we should take them out of this discussion right now, and continue to fight against any rate increases and continue to work honestly for a better deal. >> that's what the president wants, extend them for everyone under $250,000. i'm curious what you think. do you think that someone like cornyn, someone like boehner is the right leader for the party, or someone more like what cole is saying? >> there is a strategy to putting together a deal and that goes for, in washington, d.c. or, you know, in your private life. and that is you don't give the other side everything they want and then negotiate the rest of the deal. that's sort of a problem. you have things that
. >>> if lawmakers do not act to save the economy from falling off the fiscal cliff, $490 million would be cut from the centers for disease control and prevention's national breast and cervical cancer early detection program. which would result in over 33,000 fewer women screened for breast and cervical cancer. [ male announcer ] trading's like a high-speed train. and you don't want to miss it with thinkorswim by td ameritrade. you get knock-your-socks-off tools, simple one-click orders, real-time paper trading to hone your skills, plus anytime you need it support. ♪ stocks, options, futures, and forex. get your trading on track. thinkorswim by td ameritrade. trade commission free for 60 days, plus get up to $600 when you open an account. >>> lawmakers, their bellies full, are returning to washington after the thanksgiving break. the senate officially returns to work in 45 minutes. congressional leaders expected to meet with the president again this week as they try to rise above and come up with a deal to avert the fiscal cliff. on january 1st, of course, we would run off the cliff unless action
. i am glad that the people that are in economy party on capitol hill have hearts as big as a montana sky because i'm sure they said, hey, it's cool. we all make mistakes. all of us on capitol hill, we all make mistakes from time to time and it's cool. so how did this work out after she said she was sorry? >> there's still another chance. ambassador susan rice is heading back to capitol hill today. >> i want to know what happened. >> well, i will tell you. she continued to defend her response on september 11th attack on the u.s. consulate in benghazi as a top pick to replace secretary of state hillary clinton. rice faces sort of an uphill battle because she failed to win over her harshest republican critics yesterday. >> i don't think it's an uphill battle. >> unless you want to be secretary of state for greenvil greenville, south carolina or mesa -- >> she requested this meeting was with specifically senators lindsey graham, kelly ayotte and -- >> they were upset. john mccain over the weekend. >> john mccain backed up. >> so it's really cool when she said i'm sorry. >> she did the br
around. >> okay. >> what else do we have in news? >> we have the economy. we'll begin there now at 4 past the hour. >> we're going to keep reading the post. go ahead. >> the markets look to rebound after stocks finished relatively flat yesterday following a new warning from the central bank about the fiscal cliff. speaking to the economic club of new york, fed chair ben bernanke urged lawmakers to reach a deal to avoid the automatic spending cuts and tax increases. he said going over the fiscal cliff would pose a substantial risk to the economy. according to a new study the fiscal cliff could give 90% of americans new tax bills when the bush tax rates and some by president obama would both end. the working poor would be among the hardest hit. a tax policy center analysis showed a married couple making about $30,000 a year would on average go from receiving a $15 tax credit to owing $1400. >> wow. >> yeah. that's probably a reason to try and get something done? >> maybe we will. maybe we will. >> you would think. >> yeah. or maybe we can just talk about 2016. >> we could do that as well. h
people are flying. another reason is because of the economy, some people are saying i'm going to hold off in terms of booking a flight especially because fares are not dropping. because there's limited capacity. the airlines have been able to hold fares at a fairly consistent level. they are down according to aa compared to last year. still, you won't find too many bargains unless you're looking for last minute deals to nontraditional places. one other thing, guys, as we take a look at rental car stocks, you've heard a lot of stories over the last couple of days. it's true. if you were looking to rent a car in the northeastern united states, which some people do during the holiday weekend, good luck because most of them are already spoken for. this is the carryover effect from superstorm sandy. so many cars were damaged, destroyed during the storm. as a result, rental cars have been tight for some time in the northeastern united states. and that's the case this weekend. a lot of people, believe it or not, guys, they do like to rent a car in order to make the trip of 300 or 400 miles. this
us a lot about the state of the consumer and the u.s. economy today. so we're turning to one of the most seasoned and respected voices on wall street for help. we have dana telsey. she is our guest host for the next three hours. andrew, i'll send it over to you. >> we begin with a visit to toyland and here is toys r us. it opened its doors at 8:00 last night. and we have toys r us ceo joining us right now from the company's flagship store in times square. good morning. >> good morning. >> so i read a report you you had a big line. what's it been like all evening? >> it's been great. we did have a big line. we're at 44th and broadway.line went all the the way to 45th street and then down 45th all the way to 6th avenue. it was huge. people came in in a real celebratory mood. people ate ice cream, relaxed with their kids. i've never seen a black friday like this before, but 8:00 hour worked really well for families. >> let's talk about sales. how did it go overnight? >> we're just starting. this is 5:00 a.m. on black friday morning. we're really just starting. we have about a b.
national debt already exceeds the size of our country's entire economy. we can't afford pinpoint and we can't afford to leave it intact. that's why i've been clear that the law has to stay on the table, as both parties discuss ways to solve our nation's massive debt challenge." mr. boehner, this is not what the election was all about. john boehner, if he is serious, will have to find out, but he certainly isn't very smart. the congressional budget office estimates, they show that the affordable care act will actually reduce the deficit. it doesn't make a lot of sense to get rid of a deficit reduction program, as part of a deficit reduction deal. the white house already rejected boehner's idea. obama care will not be part of debt negotiations. boehner is up to something here, don't you think? something else, that is. if you watch john boehner closely over the last two weeks, you can see him laying the ground work for the latest ploy. he called obama care the law of the land, but also tried to link it to obama care and the budget. >> you had said, next year, that you would repeal the health c
. a series of tax increases and spending cuts next year that could do serious damage to the economy. they also sounded warnings. >> we can and must get an agreement. otherwise i think first of all the markets are going to start reacting. >> it's not a done deal and not a certainty. if congress does nothing, which congress has gotten pretty good at doing these days, we'll go over the fiscal cliff. >> reporter: staffers have been working behind the scenes to find common ground to prevent across-the-board cuts lawmakers say should concern everyone. >> i think you should be worried if you have a fence job we all ought to be worried whether we are dependent upon other aspects of the federal budget, whether we're worried about the regulation of our food safety, whether we're worried about our borders being secure, whether we're worried about fbi being supported. >> reporter: a key sticking point is what to do about taxes. democrats and the president want to raise tax rates for the wealthy. republicans don't. the war now breaking with anti-tax crusader grover norquist who had gotten a majo
the economy. if families pay more in taxes they will spend less which will cut the gdp growth. so congress, are you feeling the pressure yet? this is the perfect example of what i like to call press release politics. let's backspin. we see this everiee. the atm tax is going to get a patch. we know we're going to see benefits given to our -- unemployment benefits given and veteran benefits gimp. it seems like this year we have a nice new fun name. i know you hate it steesh, but the fiscal cliff. we put that scary name on it as if that's going to motivate our elected officials. all i see is a press release them saying they're going to fight for us and until the end of the day they're not going to do anything until we see a nice countdown clock. >> as per zblushl but the republicans need that clock more than the democrats do, don't they? >> they do. the fact is we need to find a path way to yes and i think the sooner we do it the better it is politically to move off. >> yeah. no. i mean i was just going to say, republicans -- the problem here for republicans is they're trying to get off this
on the fiscal cliff, chances are we get a slower economy next year because of the higher taxes and cutting spending? >> i want to touch on something that liz just said. i have tried to get her to play along with this game. >> i gave up long ago. >> she always resists me when i try to pin her down on the number. i guess she's smart. as you mentioned, a fellow from morgan stanley coming out saying, look, i blew it. it's a pain for me. i don't want to do this. i think what they're banking on is this whole fiscal cliff thing, the europe thing. all of the head winds for the market are never going to see the worst case scenario. i think just kind of the picture is this muddle through going forward. i called up today and tried to -- i talked to some of the most bearish people i know. they're all just kind of saying, yeah, we're going to muddle through. the fiscal cliff is going it get resolved one way or the other. europe is going to get resolve one way or the other. i think this is one of -- >> steve, he brings up a good point. consumers are not worried about the fiscal cliff. intraday trading t
to protect our water. billions in the economy. at chevron, if we can't do it right, we won't do it at all. we've got to think long term. we've got to think long term. ♪ we've got to think long term. we've got to think long term. wooohooo....hahaahahaha! oh...there you go. wooohooo....hahaahahaha! i'm gonna stand up to her! no you're not. i know. you know ronny folks who save hundreds of dollars switching to geico sure are happy. how happy are they jimmy? happier than a witch in a broom factory. get happy. get geico. fifteen minutes could save you fifteen percent or more. >>> you've seen them on the red carpet, fashions by oscar dde de la renta, christian lacroix. now you can stay in rooms fashioned by those designers. we talked about couture vacations. >> three famous designers have gotten their hands on hotels around the world. let's begin with sara game in italy. >> in florence. the thing is, people love their designers and what better way to really embrace that designer by staying in a hotel they have put together with all their famous touches. so they are actually based in florence so w
. then where does america stand on the verge of a second obama term in office? the economy, the fiscal cliff talks, the president's priorities in the next four years. our roundtable is here. david brooks of "the new york times." msnbc's reverend al sharpton. former ceo of hewlett-packard carly fiorina >> historian and film maker ken burns. and nbc chief foreign affairs correspondent andrea mitchell. and we'll here from representative gregory meeks this morning as we check in on some of the hardest-hit victims of hurricane sandy and see how they offered thanks this weekend while surrounded by destruction. >>> from nbc news in washington, the world's longest-running television program, this is "meet the press." with david gregory. >>> president obama doing his part for the economy over the weekend out holiday shopping as part of small business saturday, picking up several children's book at an independent bookstore iypÑarlington. >>> meanwhile, uncertainty in the middle east. more clashes in egypt over the weekend as police use tear gas this morning to disburse protesters in cairo. i want to
and the health of the u.s. economy. >> and all that trouble in washington started last year with the debt ceiling. remember that fight? the u.s. getting very close to hitting the debt ceiling again. what's the debt ceiling? the u.s. spends between $100 to $120 billion more than it takes in every month, so it has to boor remoney to pay its bills. it will take an act of congress to legally borrow more and rack up more debt. the debt ceiling is set at $16 trillion, 394 billion. last week it stood at $16,268,000,000,000. it could hit a high by february of next year. and now home prices, the recovery in much of the country, new home sales numbers today, we learned yesterday that home prices were up nationwide by 3.6% in the third quarter. that's the biggest rise nationwide in more than two years. but look, all real estate is local. we want to show you the cities with the strongest gains in the past year. home prices in phoenix gained more than 20%. minneapolis home prices rose 9%. there are only two big cities with homes losing value. new york and chicago. they slipped a little bit year over year. wha
that this could have a crushing impact on the u.s. economy. what are they saying about this? >> well, that's the problem for policymakers. i do think both republicans and democrats they want a deal. leaders want a deal because this really could be an economic catastrophe. i mean, that's what something that ben bernanke warned repeatedly. put politics aside for a little bit and try to get a deal. but both sides want to get the best deal possible and you're in the going to see any deal anytime soon because we have until january 1st. >> so you're saying they're going to wait until the last second. >> last second, up to christmas, if not new year's. this week when congress comes back and into next week, you see jockeying for leverage. that's what's going to happen. no major deal is going to reach -- be reached much before christmas if there is a deal. >> no plan for bob cusack celebrating the new year. you'll be on the hill waiting for a deal. we'll continue the conference. i appreciate it. switching gears, just into us at cnn, new damage estimates from superstorm sandy. to alison kosik live f
back on when in other parts of their life they are holding back. we know the economy is still so somewhat sluggish. when we talked to shoppers here, they say it's christmas. what are you going to do? >> i tell you, that puts to rest all of us who thought, well, maybe people don't want to show up on thanksgiving. not if you're going to walmart. courtney, thank you so much, it there in dayton, ohio, appreciate it. >>> up next, our political power panel weighs in on the tough road ahead for fiscal cliff negotiations. and still ahead, the great holiday escape. tracking the best deals and discounts for your getaways. is it better to be the early bird...or the earliest bird? on black friday, it doesn't matter, as long as we end up here at 5 a.m., or at homedepot.com, starting thursday. where prices have been cut, chopped, and sanded... on the most powerful tools that cut. ...chop... ...and sand. so we, or somebody on our list, can do the same. more saving. more doing. that's the power of the home depot. the early bird gets a special buy on a ryobi two-piece lithium-ion kit, just $99. w
these frightening details about what happens to the economy if we go off the fiscal cliff, a key point they say consumer spending would take a $200 billion hit next year. is there a growing sense, though, dana, that going off the cliff would be preferable to caving on issues that are important frankly to both sides? >> certainly the extremes on both sides are saying that it may be preferable. it is entirely possible that that's what will happen. sort of like those discussions of can we survive, you know, the nuclear winter. it is -- the good news is that a deal is fairly obvious what needs to be put into it. it's just a question of when the political will comes together. it can be done very quickly if people are willing to, but it does seem as if they are now preparing for the blame game that follows with the assumption that they're going off the fiscal cliff with whatever economic calamity comes with it. >> i want to bring in congressman peter defazio, a democrat from oregon. good morning. >> good morning. >> you're one of the folks who have said, correct me if i'm wrong, that republicans won'
in the summer time. you see the other person 362 days of the year. >> unless in today's economy you're all living together. how about you, have you ever dated someone and not got along with the family? >> i'm the same way, families like me. but that's right, don't have to spend a lot of time with them. >> here's a question along the same lines. how long do you think a girl should wait before she introduces a guy to her family, how many dates, a month in? >> i hope it's immediate, let's go to the family first. >> how long so you're not scared off? >> i think it should be a couple of months. just enough so you know this is going somewhere. >> that really is a statement. >> yeah, don't make it an event, you know, kind of just all of a sudden your sister shows up and meets the guy. maybe one day your mom just happens to be at the same coffee shop that you're at and you run into each other. when you do the whole, i want you to meet my family, he's going to run. >> for a long weekend in nantucket. >> i had a point in my life where everybody met my family because i was living in my mother's basem
economic growth, the economy has been very slow, too slow, and we need to do better. if we grow at 4% a year instead of 2% a year for one decade, the federal government would get $5 trillion more. that would pay down the entire debt that obama racked up in the first term, that's the way to go, not tax increases that would slow the economy. >> the reason why this is so interesting is it raises a question has to whether there are members of your party turning against you. senator chambliss is not the only one that said something like this, bill crystal said it would not kill the country to raise taxes. are you concerned that elements of the republican party are moving in a different direction? >> no, the good news, and certainly speaker boehner who was just reelected, and the leader of the republicans mick mcconnell have been very clear that they're going into this to reduce covet spending and reform government. they oppose tax hikes, 90% of americans and remembers in congress have made a written commitment to the american people, not to raise taxes. there will us be some that get aske
they can get. >> and the heart of the economy is for people i understand it. but do you really need that stuff so much? it seems to me that the retailers need need the sales. but we don't need more stuff. >> i remember very few presents that i was given. i don't really remember them, sure i loved them. i love the card. i get more of a kick reading what someone wrote than the other part. but here's a much more -- >> a sign of getting old, by the way. welcome to my world. >> so, here is a pressing question. what do you wear to bed? >> which has nothing to do with anything. >> nothing. what do you wear to bed? do you wear nothing, like some people? >> i wear my wedding ring. excuse me, that is something. >> do you wear a t-shirt and underwear, like a lot of people. >> what do you wear? >> that's what i wear. do you wear a full-on pajama outfit with pants and the top? do you wear -- >> like bobby, hello kitty pjs? >> jockey did a survey, said just under half of us preferred to wear nothing to bed. according to esquire.com, most women want their husbands to come to bed in their underwear
for washington. >> top priority for us is to advance policies that will get the u.s. economy growing again. >> the country has to have a higher rate of growth. that begins with addressing the fiscal cliff issue. >> so, bipartisan bottom line, right? not quite. you see those business leaders have a vested interest in which spending should be cut and which loopholes closed. and let's just say what's old is new again. alison kosik is at the new york stock exchange with a closer look. put this in language we can understand as people who are not ceos. >> many of these high-level ceos, carol, are part of this movement, this campaign to fix the debt we've been hearing so much about. this includes some of the biggest heads of business that are out there. and some have been more outspoken than others when it comes to what needs to get done to get a handle on the deficit. it also has a lot of people saying wait a minute. some of these decisions could really impact -- and not a good way -- have a huge impact on the poor and elderly. for ceo lloyd blankfein, he did an interview over the weekend with c
% of the whole economy and now it equals just 7%. so go ahead, boggle your uncle's mind with this chart. the bars below zero represent years when the deficit grew. these bars above zero represent years when the deficit shrunk. we're here right now in the deficit shrunk portion of the
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